It’s harder than ever for people to save up the money for a house deposit and we’re always hearing about rising numbers of people renting instead of buying. It’s usually talked about as a bad thing, but that isn’t always the case. A lot of people do want to own their own house and it is a problem that it’s so difficult for them. But everybody assumes that owning is always better than renting and renting a house is just wasting money. A lot of younger people are moving back in with their parents so they can afford to save money for a deposit, but is renting really that bad?
A lot of people never consider it, especially if they have a family, but in certain situations, it’s actually a lot better to rent a house than it is to buy one. These are some of the reasons why renting could be better than buying.
You Can Move Right Away
If you are running out of space in your home and you do not have the money for a deposit yet, you are in a bit of a tough situation. It takes a long time to save the deposit for a house, and you will be stuck where you are until you can get the money together. Even if you are already on the property ladder, you need to deal with selling the house and paying all of the fees involved with that, and then find a new place and go through all of that paperwork. But when you rent a place, you only need a few months rent as a deposit and you can move in within a few weeks. If you are struggling for space in your current place or you are desperate to move into a place of your own, renting is a much better option. You can still save up for a deposit while renting if you are sensible with your money.
The other major benefit here is that you are not wasting money if you are only living there for a short period. If you are not planning on staying in one area for a long time, it’s expensive to keep buying and selling houses. But renting gives you a lot more flexibility until you are ready to settle in one place.
You Have More Choice
When you buy a home, you are very limited by your budget. Depending on your situation, you might not be able to get a very big mortgage, which means you will only be able to choose from a very small number of potential properties. But when you are looking for a house for rent, you have a lot more choice. You are still limited by your budget, of course, but renting is a lot more affordable and you get a wider range of homes in different areas available for the same price. If you are looking to buy a house but you can’t find anything that you like within your budget, it might be better to rent for a while until you can save a bigger deposit.
You Don’t Have Mortgage Debt
It seems like debt is just a part of life now and most people are carrying some debts, but it’s not an ideal situation to be in. Having a mortgage is unavoidable, however, a lot of people don’t like the idea of having such a big debt if they are not very financially stable. If you default on your mortgage payments, the bank will eventually repossess the house and it can cause you a lot of problems. But if you are renting a house and you are struggling to make the monthly payments, it’s easy to downsize or work something out with your landlord until your financial situation improves. If you are not very financially stable and you don’t think it’s a good idea to take out a big mortgage, renting might be a better option.
You Don’t Have To Pay For Maintenance
This is the biggest advantage that renters have over homeowners. People don’t always realize how expensive it is to own a home, but those running costs quickly add up. If anything goes wrong, it’s up to you to fix it, and that’s a big financial burden. But when you are renting a property, it’s down to the landlord to keep up with maintenance. If the boiler breaks down, for example, you won’t be stuck paying thousands to fix it. But if you owned your own home, you would need to come up with that money somehow.
People always say that you need to get on the property ladder as soon as possible, but that isn’t always true. These are just some of the reasons why renting might be best for you.
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